AIB and EBS have been fined €96 million for overcharging more than 12,000 customers and 93 breaches of regulations. Harm ranged from overcharging and breaching contracts to the repossession of family homes. AIB and EBS have caused serious harm to customers and ruined many lives. To date they have been forced to pay back more than €230 million to affected customers but the irony is that AIB and EBS will pass on these costs to their customers.

The fact is that not one banker has been held to account to date in any of the banks in respect of the tracker mortgage scandal. Four years ago, the Central Bank called for legislation that would hold senior bankers to account. Such legislation was introduced in Britain six years ago and in Australia five years ago. Four years later we still have not got the final Bill published by the Government that would hold senior bankers to account. That is unacceptable and shows the lack of priority the Government has in respect of the matter. When will this legislation that is so long overdue be published? When is it likely to take effect?

The scale of the fine that has been imposed by the Central Bank on these two banks shows the strength of our regulatory system and how seriously the unacceptable behaviour in respect of tracker mortgages is being taken by the Central Bank and the State. The legislation Deputy Doherty is referring to has taken some time to draft. It required pre-legislative scrutiny as was correct, and required much work by the Attorney General and my Department. I will be bringing the final proposals to Cabinet next week and the legislation will be published before the summer recess.